LA leaders discuss wildfire insurance legislation

(The Center Square) – Insurance companies could be compelled to pay homeowners in Southern California who lost their homes in the January 2025 wildfires, if elected leaders have their way. During a news conference Monday evening at the Capitol, local leaders and homeowners from the Los Angeles area joined Assemblymember Tina McKinnor, D-Inglewood, to announce legislation is being discussed to help property owners whose homes burned down in the Palisades and Eaton fires. Bills would help property owners get the insurance payouts they need to rebuild. Some legislation, like Senate Bill 876, would require insurance companies to pay out the full cash value of a destroyed home in the event of a wildfire in 30 days. However, opponents worry that if passed into law, the bill would make homeowners’ insurance rates go up because of the excessive costs of such large cash payments on such a tight turnaround, insurance industry experts told The Center Square on Friday. SB 876 was introduced by Sen